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The Future of Subchapter V: Navigating the Pandemic and Beyond

Bankruptcy courts have had an increase in activity since the COVID-19 pandemic struck, especially for small businesses facing financial challenges. The Small Business Reorganization Act (SBRA), which was passed in August 2019 and became effective in February 2020, modified the federal Bankruptcy Code by adding Subchapter V to provide a simpler way for qualifying small businesses to file for Chapter 11 bankruptcy.

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Predictions for Bankruptcies in 2021

The U.S. economy has experienced a tumultuous year. COVID-19 has caused businesses and individuals alike to turn to bankruptcy in order to keep their creditors at bay. Others have delayed filing because they have been able to take advantage of pandemic relief options made available this year. Individuals have been helped by stimulus checks, pandemic unemployment benefits, as well as the ability to defer mortgage and student loan payments, all made available through the CARES Act.

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